Rajiv is training for a biathlon, a winter racing sport that combines cross-country skiing and rifle shooting. Consider the following scenario: Rajiv has only 15 hours available to devote to his training this week. Each hour he spends skiing is one hour that cannot be spent working onhis shooting. Which basic principle of individual choice do these statements best illustrate? People face trade-offs. Rajiv has an incentive to spend more time on skiing than on shooting. People usually exploit opportunities to make themselves better off. Rajiv can use time most efficiently by spending the same amounts of time on skiing and shooting.
Rajiv is training for a biathlon, a winter racing sport that combines cross-country skiing and rifle shooting. Consider the following scenario: Rajiv has only 15 hours available to devote to his training this week. Each hour he spends skiing is one hour that cannot be spent working onhis shooting. Which basic principle of individual choice do these statements best illustrate? People face trade-offs. Rajiv has an incentive to spend more time on skiing than on shooting. People usually exploit opportunities to make themselves better off. Rajiv can use time most efficiently by spending the same amounts of time on skiing and shooting.
Chapter7: Consumer Choice: Maximizing Utility And Behavioral Economics
Section: Chapter Questions
Problem 13QP
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Rajiv is training for a biathlon, a winter racing sport that combines cross-country skiing and rifle shooting.
Consider the following scenario: Rajiv has only 15 hours available to devote to his training this week. Each hour he spends skiing is one hour that cannot be spent working onhis shooting.
Which basic principle of individual choice do these statements best illustrate?
People face trade-offs.
Rajiv has an incentive to spend more time on skiing than on shooting.
People usually exploit opportunities to make themselves better off.
Rajiv can use time most efficiently by spending the same amounts of time on skiing and shooting.
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